RBI back in 2003, has has directed primary (urban) co-operative bank not to make, provide or renew either secured or unsecured loans and advances or any other financial accommodation to its directors or their relatives, and the firms / companies / concerns in which they are interested.

5.1.1 With effect from 1 October 2003,

As per the Returns Submission by Urban Cooperative Banks to Reserve Bank of India, the following are the Fraud Related Returns, periodicity and due date of submission

Fraud

Sr.No Return Name Description Periodicity Submitted by Due Date

1.

Actual reports

Non-Statutory

No fixed periodicity

ALL UCBs

As soon as cases come to the notice of a bank

2.

Category Classification

Non-Statutory

Quarterly

3.

Complaint Register

Non-Statutory

RBI

No fixed periodicity but as soon as the bank reports

4.

Frauds Outstanding

Non-Statutory

Quarterly

All UCBs

15 days from the close of the quarter

5.

Report on dacoities/ Robberies/Theft/ Burglaries

Non-Statutory

Quarterly*

All UCBs

Within one week of occurrence

Already way back in July 2011, Reserve Bank of India, had imposed a monetary penalty of Rs1 lac on Pragati Sahakari Bank Limited, for violation of cash transactions reporting norms.